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President Trump has chosen a banking executive, Frank Bisignano, to head the Social Security Administration. Bisignano has worked in the finance industry for many years, primarily at large Wall Street banks. He has also been known to donate to Republican political causes in the past.
Written by Minho Kim
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During an announcement on Wednesday night, President-elect Trump revealed his selection of Frank Bisignano, the chairman of Fiserv, a large payment processing company, as the new commissioner of the Social Security Administration. The Social Security Administration is a significant federal agency that operates over 1,200 field offices and employs nearly 60,000 individuals.
The president-elect praised Frank as a skilled business leader who has successfully led large companies in the past. The president-elect announced on social media that Frank will be in charge of fulfilling the Agency’s promises to the American people.
In his late 20s, Mr. Bisignano achieved a highly sought-after position in the New York finance industry as a senior vice president at Shearson Lehman Brothers. This investment bank’s collapse in 2008 contributed to a worldwide economic downturn. After working at Shearson Lehman Brothers for almost five years in the late 1980s, he went on to work at other prominent Wall Street banks, including Morgan Stanley, Citigroup, and JPMorgan Chase & Company.
In 2017, Mr. Bisignano was ranked as the second-highest-paid CEO in the US. He was one of the rare executives who earned over $100 million that year and received a salary over 2,000 times higher than the average employee at First Data Corporation, which later merged with Fiserv.
Mr. Bisignano has a track record of supporting political candidates, mostly those from the Republican party. Records from federal campaign finance reveal that his wife, Tracy Bisignano, contributed close to $1 million to Donald Trump’s campaign in October. However, in November 2023, he also donated $15,000 to Chris Christie’s presidential campaign. Christie, a former Republican governor of New Jersey, initially opposed Trump but eventually withdrew from the race.
On Wednesday, President Trump shared a detailed biography of Mr. Bisignano on social media and offered congratulations to him and his family without specifying the position he was being appointed to. An hour later, the president-elect clarified the situation, putting an end to the speculation about Mr. Bisignano’s upcoming role.
Minho Kim reports on current events and environmental issues, working from Washington. Learn more about Minho Kim.
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